Property Valuation
A Florida appraiser is asked to provide a 'retrospective appraisal' of a property as of a date in the past. The appraiser should:
AUse current market data since it is the most reliable
BUse market data available as of the specified historical effective date✓ Correct
CAverage historical and current data
DDecline since retrospective appraisals are not permitted
Explanation
A retrospective appraisal requires the appraiser to analyze market conditions as of the specified historical date — not current conditions. The appraiser must research what comparable sales, market conditions, and data were available as of that past date.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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